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Logistics and transportation today is built upon a universe of antiquated supply chain assets, in which eye-watering sums of capital now find their home. The investment plans for these assets were approved long ago, in a world far different than that in which we currently live. This is still the case even with tech start-up entrants and innovation by established firms.
Data in the industry is not reliable because data points are not verified in real time by decentralized sources. Added to this fact is that Logistics inherently messy, with many touch points, stakeholders and intermediaries. The nature of logistics and transportation as a traditional process is underlined with manual communications (phone, email, fax and others). Data is not connected and has no trusted framework.
Added to the freight logistics processes is the challenge of validation of contract terms, rate negotiation, certification of changes to agreed contracts and where applicable, settlement —where changes to agreed contracts are required due to issues such as damage, late fees, loss or cancellation.
Solutions to these challenges
Leveraging our existing Artificial Intelligence (AI) and Internet of Things (IoT) platform, RoadLaunch will integrate blockchain using The Linux Foundation’s Hyperledger, and add secure mechanisms for wallet/crypto exchange functionality. By doing so, we take a complex process and build a framework of automation, trusted data sets and support system integration. We give multi-party relationships a uniform platform that covers the majority of logistics and enable instant finance transactions, freight and fleet visibility and unlock funds frozen in traditional financial dispute processes.
Digitizing assets would revolutionize the way in which partners and intermediaries collaborate. Key benefits include:
- Reduction of transactional collisions
- Ability to automate fast and seamlessly
- Reduction in associated freight risk
- Standardization and immutability
- Process ubiquity and ledger transparency
- Trusted private networks
The drive of RoadLaunch involves introducing a trusted and simple validation and certification platform on logistics transactions in the freight and transportation industry, providing all users and stakeholders full transparency into the supply chain, from quote to proof of delivery, with decentralized blockchain verification (automated where possible). This will provide transparency on the various stakeholder in the logistics industry, the intricacies, and details of freight, commodities and all needed licenses, authorities and certification, adding significant value to the commodity and processes.
How RoadLaunch leads the way
Our technology has the potential to become one of the most used and valuable products in the logistics industry, potentially becoming ubiquitous across all industry participants. If adopted globally, it will add billions of data points to the supply chain, benefiting all value-add parties within the entire process and value chain. Bringing decentralized, immutable blockchain technologies with billions of live, verified data points to the logistics and transportation industry, we will add significant value and transparency to the industry’s supply chain and its main stakeholders.
RoadLaunch, along with partners like IBM, will provide a distributed ledger network and trusted technology, public and permission based private blockchain technologies to house and secure the data while providing uniform access to all its stakeholders.
From time to time, we invite industry thought leaders, academic experts and partners, to share their opinions and insights on current trends in blockchain to the Blockchain Unleashed blog. The opinions in these blog posts are their own, and do not necessarily reflect the views of IBM.
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